Ovintiv upgraded to Buy from Neutral at BofA

BofA upgraded Ovintiv (OVV) to Buy from Neutral with a price target of $54, down from $55. While U.S. gas E&P’s have rallied, Canadian E&P’s have not, notes the analyst, who argues that the stock “can outperform on this theme.” Canadian Gas has a macro catalyst that the firm believes is “still flying under the radar,” namely the Shell-operated export facility, Canada LNG, that will start-up by mid-year 2025 and bring “much needed egress to the Western Canada,” the analyst explained.